Canadian athletes might want to raise a few cold ones this week in honour of a new sponsorship agreement between one of the country’s oldest beer companies and the Canadian Olympic Team.

Molson-Coors has renewed and strengthened its agreement with the Canadian Olympic Committee for the next four years, which will take the deal through Sochi 2014 and Rio 2016. The deal will officially be announced Wednesday.

The deal includes an initial $10,000 donation to the Canadian Olympic Foundation, a significant contribution toward helping athletes with their final push to get to Sochi, Russia for the Olympic Winter Games next February, and will continue to benefit athletes financially throughout the life of the agreement.

Molson-Coors has been elevated to the level of Official Supporter of the Canadian Olympic Team.

“The level of continuing support on the part of our marketing partners for our Olympic team has just blown us away,” Canadian Olympic Committee CEO Chris Overholt said. “It’s really record-setting in every regard. These contributions allow us to support the programs that have been so important to our recent (podium) success at the Olympics.”

Canada set a record with 14 gold medals and 26 overall trips to the podium in Vancouver in 2010. Canada’s medal total at the Winter Olympics has increased at every Games since 1980 and much of it is due to the financing available to athletes for training.

Two of Canada’s four highest medal hauls at the Summer Olympics occurred in London in 2012 and Beijing in 2008.

“It’s nice to see the continued momentum.” Overholt said.

Molson-Coors senior director of corporate affairs Gavin Thompson said it’s especially important for sponsors to get behind the Olympic team right now.

“The fact that it’s going to be overseas in 2014 and 2016 means it’s going to be quite a drain on financial situations,” Thompson said. “We want to make sure we get behind the ones that have the greatest needs.”